PENDLE

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0168%/8h= +18.4% APRnext payment +$0.21 per $10,000 · paid last 24h +0.005%

Price spread now: Lighter against Extended−0.040%7-day average +0.096% · you buy dearer than you sell

Net, funding: paid 7d − costs−$46as in the Funding arb table

Net, price: spread back to 7d avg − costs−$64as in the Price arb table

costs, in and out, $10k−$500.503% of the position

Long on Extended Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.041%+$4 on $10k

Price spread, last 4 days (all we have)+0.192%+$19 · spread now −0.040%, 7d avg +0.096%

Together, before fees+0.233%+ Points / potential airdropExtended: Active · Lighter: Season 3 · farm board+$23 on $10k · with fees, hour by hour

Funding pays, the price is against you. Lighter is 0.135% cheaper against Extended than usual: you would sell low and buy high (spread −0.040% now, against its 7-day average of +0.096%). If the spread goes back, that is −$14 on $10k: about 2.7 days of funding at the current rate (+$5 a day). At the pace of the last 7 days (+0.041% in total) that is about 23 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Extended PENDLE-USD	2.5304	−0.0072	get 0.0009% / 1h	42m 24s	$165K	$715K	10x
Short	Lighter PENDLE	2.5294	0.0096	get 0.0012% / 1h	42m 24s	$536K	$413K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Extended. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee ExtendedbpFee LighterbpOrdersPrice spread, now −0.040%Rate

Funding earned: $35.28
Price spread: −0.040% → +0.096%: −$13.52
Slippage, 4 orders: −$45.33
Fee Extended: 2.5 bp × 2 orders: −$5
Fee Lighter: 0 bp × 2 orders: $0
Net: −$28.57
Costs to cover: 0.503%
Break-even: 12.7 days

Slippage from Extended: live order book, 30 min ago; Lighter: live order book, 23 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Extended live order book, 30 min ago	1.19 bp	13.9 bp −$14	104.5 bp −$1,045	doesn't fit	doesn't fit
Sell Lighter live order book, 23 min ago	7.96 bp	9.0 bp −$9	83.6 bp −$836	doesn't fit	doesn't fit

PENDLE on 30 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective PENDLE/USDC PERP	−0.4643%	1h	2.4970	−1.320%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0421%	1h	2.5312	+0.032%	$26K	$14K	10x	as long as short
Gate PENDLE_USDT	−0.0134%	8h	2.5320	+0.063%	$782K	$1.2M	75x	as long as short
BloFin PENDLE-USDT	−0.0076%	8h	2.5289	−0.059%	$1.3M	$712K	75x	as long as short
Binance PENDLEUSDT	−0.0074%	8h	2.5312	+0.032%	$27.3M	$42.7M	75x	as long as short
MEXC PENDLE_USDT	−0.0074%	8h	2.5314	+0.040%	$17.1M	$1.9M	125x	as long as short
Extended PENDLE-USDlong	−0.0072%	1h	2.5304	long leg	$165K	$715K	10x
ApeX Omni PENDLEUSDT	−0.0054%	1h	2.5317	+0.051%	$77K	$238K	50x	as long as short
Orderly PERP_PENDLE_USDC	−0.0015%	8h	2.5320	+0.063%	$20K	$16K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5296	−0.032%	$11K	—	5x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni PENDLE	+0.0014%	8h	2.5226	−0.308%	$604K	$1.9M	—	as long as short
GRVT PENDLE_USDT_Perp	+0.0044%	8h	2.5369	+0.257%	$429K	$1.6M	10x	as long as short
Reya PENDLERUSDPERP	+0.0049%	1h	2.5312	+0.030%	$4K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0064%	1h	2.5313	+0.034%	$26K	—	3x	as long as short
Aster PENDLEUSDT	+0.0090%	8h	2.5311	+0.027%	$47K	$178K	10x	as long as short
Lighter PENDLEshort	+0.0096%	1h	2.5294	−0.040%	$536K	$413K	5x
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5305	+0.004%	$35K	$18K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5306	+0.008%	$15.6M	$12.1M	50x	as long as short
OKX PENDLE-USDT-SWAP	+0.0100%	4h	2.5310	+0.024%	$3.2M	$6.1M	50x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5326	+0.087%	$889K	$593K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5298	−0.024%	$3.8M	$2.4M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5310	+0.024%	—	$35.7M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5320	+0.063%	$25K	$383K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5337	+0.130%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5323	+0.075%	$2K	$1.8M	20x	as long as short
Hyperliquid PENDLE	+0.0124%	1h	2.5373	+0.273%	$12.9M	$6.3M	5x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0203% / S −0.0382%	1h	2.5323	+0.075%	$7K	—	100x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0614%	1h	2.5357	+0.209%	$118K	$294K	20x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0728%	1h	2.5360	+0.221%	$141K	$441K	25x	as long as short
Backpack PENDLE_USDC_PERP	+0.0885%	1h	2.5340	+0.142%	$333K	$487K	15x	as long as short